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Cypress Equities’ first real estate fund raises $100m above target

2 Jul 2014

The private equity investment arm of US real estate business Cypress Equities has closed its first fund on its $400m hard cap after two years of fundraising.

Cypress Equities Real Estate Investment Management initially hoped to raise $300m for the vehicle, but had already picked up “stronger than anticipated” demand at the time of its first close in May last year.

Its investor base includes public and corporate pensions, sovereign wealth funds, family offices and fund of funds investors.

The group focuses on acquiring value-add retail real estate. So far it has bought more than $700m in real estate assets, including the Lloyd Center in Portland, the Eden Prairie Center in Minnesota and Glendale Marketplace in Los Angeles.

Chief investment officer Todd Minnis said, “Our team is very grateful to have received such solid support from our limited partners in this fundraise and we sincerely thank them.

“We believe that our team’s experience and reputation, combined with the strength and potential of well-located retail assets, contributed to the successful fundraise completed by CAPRF.”